# ASC 340-940-35: Other Assets and Deferred Costs — Financial Services—Brokers and Dealers — 35 Subsequent Measurement

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/340/940/#35-subsequent-measurement)

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## ASC 340-940-35: 35 Subsequent Measurement

[Read section](https://asc.understandingaccounting.org/asc/340/940/#35-subsequent-measurement)

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#### Exchange Memberships

##### [340-940-35-1](https://asc.understandingaccounting.org/asc/340/940/#340-940-35-1)

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An exchange membership recognized under paragraph [940-340-25-1](https://asc.understandingaccounting.org/asc/340/940/#340-940-25-1) as an ownership interest in the exchange shall be measured subsequently at cost less impairment. Impairment shall be measured in accordance with paragraphs

[321-10-35-3 through 35-4](https://asc.understandingaccounting.org/asc/321/10/#321-10-35-3)

.

##### [340-940-35-2](https://asc.understandingaccounting.org/asc/340/940/#340-940-35-2)

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An exchange membership recognized under paragraph [940-340-25-1](https://asc.understandingaccounting.org/asc/340/940/#340-940-25-1) as a contributed interest shall be measured subsequently at [fair value](https://asc.understandingaccounting.org/glossary/f/#fair-value "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.") with the related subordinated liability measured subsequently at an equal and offsetting amount.

#### Underwriting Expenses

##### [340-940-35-3](https://asc.understandingaccounting.org/asc/340/940/#340-940-35-3)

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Underwriting expenses deferred under the guidance in paragraph [940-340-25-3](https://asc.understandingaccounting.org/asc/340/940/#340-940-25-3) shall be recognized at the time the related revenues are recorded. In the event that the transaction is not completed and the securities are not issued, the entities that have agreed to participate in the costs associated with the underwriting shall write those costs off to expense.